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Any thoughts on when we'll be solidly north of $1000 again? By that I mean a $1K floor forming.
My original thought was June or July-ish, but now I'm starting to think April timeframe.
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A cryptocurrency which is fully controlled by a nation state is just a national currency.
And banks do the job good and cheap enough for fiat transfers.
There wont be any chinacoin...
INB4 the U.S., Germany, and like 5 other nations also announce their own "national" coins  |
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In a day or two I'm thinking that 860-870 will be retested, then hopefully bounce from there into the 900s.
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So, how the fuck do you continue to assert that there is any one numerological sticking point AND attempt to also make sense at the same time? Are you a bit bonkers that you want to continue to attempt to describe some non-existing phenomenon in order that you can look at your astrology charts?
It's not numerology you idiot, that whale traders can control the market and peg the price to whatever they want (in this case right at Dollar-denominated whole round number values, which says alot about who the traders are) Quit saying it's numerology or astrology. It's neither. You're just continuing to sound like a complete idiot. |
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Damn... these whales trying to soooo hard to peg right at $899.9999
Nonsense.  Really JJG?  JJG is like our resident Trump. He tries to gaslight us all into not believing our own powers of observation. |
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Damn... these whales trying to soooo hard to peg right at $899.9999  |
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but I don't agree with your seemingly continuing attempts to characterize these kinds of situations as if they were being controlled by a small number of insiders... that's just bullshit, even if there is some truth that some players have more power and influence than others, no small group has any kind of exact control over the situation nor over how certain of their own behaviors are going to play out from momentum that is provided in either direction.
@JJG - Until Bitcoin's marketcap is north of $100B and permeates world society to a greater degree than today, I will continue to respectfully disagree with you on this. With Bitcoin being such a thinly traded market with low liquidity, currently it's cake for a few colluding whales with $$Millions in play money to move the bitcoin market significantly using 100X max leverage. This is a fact, not fiction. |
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So I'm starting to wonder... did PBoC really do us long investors a favor? I'm sensing some major bullish announcements in the Bitcoin ecosystem on the horizon early this year. Specifically new platforms (i.e., Abra, Mega Upload 2, etc.), perhaps some high profile merchant adoptions, ETF launch, who knows what. But what we all DO know is that some mega whale traders usually have insider knowledge well in advance, typical 6-12 months in advance. So what they do is slowly ramp the market over that time period, then near the announcements (before the news media picks it up) go ape shit crazy with leveraged margin buys to create a new bubble. Whatever you may believe in the short term, an over-leveraged, over-hyped bubble is not good for the medium and long term. So did China PBoC just do us a short-term favor by killing margin trading on the Chinese exchanges? The suspect timing is palpable.... it's almost as if they knew something. Either that, or they did it because secretly they know that they are going to start hiking down the Yuan rate several times this year... and they don't want more $$$ to leave via bitcoin. |
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I'm looking forward to seeing the shitstorm that occurs when the wide-scale adoption of Abra intersects with U.S. MSB laws...  |
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Same pattern as June/July. Guys, this is going to bounce hard. 820-830 should be a bottom from this point forward. I would buy if I had any fiat left.  Half my standby fiat just went back in at 798.5 - if I could have got into Stamp earlier, I might have nicked it lower. I hope you're right, Sir - next resistance is probably 5000 CNY level - below that...? Jeez! Now the the silly dumping is over, I still assert my original prediction. 820 will become the new floor moving forward. Nailed it. |
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*price goes up $50*
Mat: BEARISH!
Depends what you mean by bearish. I drew that chart for a mate, who has been holding since $830, and who failed to take profits all the way up tp $1140, and failed to take profits again in all the zig zagging of price between $900 - $1040. Now, as I had previously advised him, he will get another chance to leave this trade with more USD in his account than he entered it with. The three green hearts represent target areas, based on notches in the Volume Profile. The upper most notch, is also right around the 61.8% retracement level and also right at the level where the market failed to bounce right back up after the initial correction, and took another almighty fall. So my upside target here is around $980. If u want to call that bearish, then fair enough. For the love of God I hope he doesn't listen to you and just hodls.... for like 3 years. If he really needs to make another $150 worth of bitcoin on a risky trade, he has more pressing problems and needs to go get a better job, side job or something. |
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Yeah I've read that whitepaper, it's all full of overblown hype. And charge who the same fees? Certainly not me, I don't do bank transfers or settlements. They must mean between each major bank and trusted entity. And that's just it, isn't it? Major world currencies are already all digital, just numerals in a database. So the banks and their partners already have the infrastructure in place today to facilitate efficient settlements between different currencies and assets. So I don't see how a "utility settlement coin" is really going to improve anything in that regard. |
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Are you basically saying it's only a matter of time before bitcoin is used OR do you think they are using it (trialing it) instead of "utility settlement coins" Both. 1. Fairly quickly, they will discover that bank-created "utility settlement coins" are fairly useless. Unless this is just a cover story, a lie to deceive the public. - but - 2. I suspect that secretly, they are really building the infrastructure for Bitcoin long term, and may even be testing it. Some day they will have no choice but to plug into the Bitcoin blockchain. So both hilarious (short term) and bullish (long term) I'm just a simple hodler and not up to scratch technically compared to you guys (but better than normal folk) but how do so called settlement coins work for banks? What's the incentive exactly with these coins? How does it all work? I can't figure out how they can create their own coin and hey presto all working well. Honestly, I'm not sure if any really knows what these banks plan to do with their supposed "blockchain" services. They already have the ability to transact and do settlement with each other in a trusted fashion, seamlessly and fairly frictionlessly, so it's a complete mystery why they would need "blockchain integration" for that purpose. My bet is on them creating blockchain-enabled (sidechain?) derivatives for new/emerging commodities, hedge markets, etc. Bitcoin seems like a perfect fit. Sure they could create and pre-mine a new PoS like coin and create a market for it, but who would trust it? Who would purchase and trade it, and why? Just using it 'internally' within a small network of trusted banks won't really do anything amazing for them. |
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Are you basically saying it's only a matter of time before bitcoin is used OR do you think they are using it (trialing it) instead of "utility settlement coins" Both. 1. Fairly quickly, they will discover that bank-created "utility settlement coins" are fairly useless. Unless this is just a cover story, a lie to deceive the public. - but - 2. I suspect that secretly, they are really building the infrastructure for Bitcoin long term, and may even be testing it. Some day they will have no choice but to plug into the Bitcoin blockchain. So both hilarious (short term) and bullish (long term) |
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I think smart contracts can run better as a bitcoin sidechain, because if something goes bad, the core of bitcoin still remains unaffected. Having a turing complete system is not something that gives me a peace of mind long term.
This. Quote of the decade. Think, people. |
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Lulz still at all the bear trolls that showed up in the past week.
We are going up!
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Same pattern as June/July. Guys, this is going to bounce hard. 820-830 should be a bottom from this point forward. I would buy if I had any fiat left. Half my standby fiat just went back in at 798.5 - if I could have got into Stamp earlier, I might have nicked it lower. I hope you're right, Sir - next resistance is probably 5000 CNY level - below that...? Jeez! Now the the silly dumping is over, I still assert my original prediction. 820 will become the new floor moving forward. |
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I feel Bitcoin is a crazy strong buy at <800. It is just not going away. What is the downside? Umm.. going to $500 (-38%) and retaining the unexpiring call? What's the upside immediately? $3000 (+275%) and even more in 12 months' time. Just my 2 cents.
+9000!! With the PBoC wanting to put their boot on BTC every time they detect a 20%+ increase within month, I'm not sure that we'll ever again see the crazy spikes like we did in 2011 and 2013. They are completely obsessed right now with playing whack-a-mole and squashing any potential bubbles brewing across all of China's securities and commodities markets. However even with slow steady growth, bitcoin could still potentially double every 2-3 years, and mid to late adopters would still barely notice. Well, until they finally do notice.  |
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This caught my eye: https://twitter.com/cnLedger/status/819449070024437761So the PBoC is concerned if traders have trading bots with an inverse peg to Yuan rate? So what? Many traders all over the world do that, in every market. Trading bots have algos that are pegging securities to variances of LOTS of different things (Dollar rate, Euro rate, S&P 500, crude oil price, PMs, pharma, etc., etc.) Talk about overstepping their authority. Maybe PBoC should be more concerned about the falling Yuan and the outstanding debt of their shadow banking industry. |
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